Texas Transportation Code
Sec.
§
54.112
Use of Certain Proceeds

From the proceeds from the sale of obligations issued under this chapter, there may be appropriated or set aside:

(1)

an amount for the payment of interest expected to accrue while a port improvement or facility is under construction;

(2)

an amount necessary to pay all expenses incurred and to be incurred in the issuance, sale, and delivery of the obligations; and

(3)

an amount required by the ordinance or resolution authorizing the issuance of the obligations to be deposited to the credit of a reserve fund or other fund specified by the ordinance or resolution.Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.

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